Solar Financing Startup Aerem Raises $5 Million in Equity Plus Debt Round
- The Mumbai-based firm has actually raised the money to further reinforce its financing based solar offering to clients in the MSME industry
Solar funding platform Aerem has raised $5 million in Pre-Series A round led by climate-tech capitalist Avaana Capital. The round additionally saw follow-on involvement from Blume Ventures and also it consists of debt funding of $1.5 million from banks. Financing has actually been a vital issue seen to influence uptake of solar in the MSME sector, and also Aerem seeks to solve for that.
The Mumbai-headquartered Aerem will certainly use these funds to increase its suite of innovative solartech as well as financing options to allow end-to-end services for rooftop solar projects.
In July 2022, Aerem raised $2.5 million in pre Series A led by Blume Ventures.
Established in 2021 by Anand Jain, Aerem's platform gives a 360-degree help to MSMEs to help them harness the power of solar power and minimize their electricity costs by up to 70%. To do this, Aerem has actually developed a network of installers to facilitate the implementation of high-quality rooftop solar systems. It likewise supplies problem-free financings via its internal Non-Banking Financial Company (NBFC) and partner banks.
According to Aerem, it employs deep domain competence in both financing and also solar and is best placed to make it possible for and scale the sector.
Extremely couple of startups in solar space managed to attract VC money in the past couple of years. In November, Mumbai-based startup SolarSquare had actually scooped up $12 million led by Elevation Capital as well as Lower carbon.
More just recently, representative Redington has actually also ventured right into solar EPC through a platform technique, utilizing its network of providers as well as funding tie-ups to seek a majority of the expanding solar market.
In 2023, we approximate the size of the non discom solar market comprising business, commercial and domestic industry to be anywhere in between 5 GW to 7 GW perhaps, a multi billion dollar chance.
